The launcher worked perfectly fine with all updates of Minecraft through 1.7.10, and I can switch the versions that I'm loading to still run 1.7.10 properly. However as soon as I try to open it with 1.8 I am met with this screen:
---- Minecraft Crash Report ----
// This doesn't make any sense!

Time: 9/14/14 10:47 PM
Description: Initializing game

java.lang.OutOfMemoryError: Java heap space
at java.awt.image.DataBufferInt.<init>(DataBufferInt.java:41)
at java.awt.image.Raster.createPackedRaster(Raster.java:455)
at java.awt.image.DirectColorModel.createCompatibleWritableRaster(DirectColorModel.java:1015)
at java.awt.image.BufferedImage.<init>(BufferedImage.java:326)
at cuj.a(SourceFile:407)
at cua.b(SourceFile:238)
at cua.a(SourceFile:77)
at cxh.j(SourceFile:553)
at cxh.a(SourceFile:139)
at cxk.a(SourceFile:23)
at cvt.a(SourceFile:99)
at bsu.aj(SourceFile:437)
at bsu.a(SourceFile:299)
at net.minecraft.client.main.Main.main(SourceFile:120)

A detailed walkthrough of the error, its code path and all known details is as follows:
---------------------------------------------------------------------------------------

– Head –
Stacktrace:
at java.awt.image.DataBufferInt.<init>(DataBufferInt.java:41)
at java.awt.image.Raster.createPackedRaster(Raster.java:455)
at java.awt.image.DirectColorModel.createCompatibleWritableRaster(DirectColorModel.java:1015)
at java.awt.image.BufferedImage.<init>(BufferedImage.java:326)
at cuj.a(SourceFile:407)
at cua.b(SourceFile:238)
at cua.a(SourceFile:77)
at cxh.j(SourceFile:553)
at cxh.a(SourceFile:139)
at cxk.a(SourceFile:23)
at cvt.a(SourceFile:99)
at bsu.aj(SourceFile:437)

– Initialization –
Details:
Stacktrace:
at bsu.a(SourceFile:299)
at net.minecraft.client.main.Main.main(SourceFile:120)

– System Details –
Details:
Minecraft Version: 1.8
Operating System: Mac OS X (x86_64) version 10.9.4
Java Version: 1.6.0_65, Apple Inc.
Java VM Version: Java HotSpot(TM) 64-Bit Server VM (mixed mode), Apple Inc.
Memory: 319920736 bytes (305 MB) / 1060372480 bytes (1011 MB) up to 1060372480 bytes (1011 MB)
JVM Flags: 5 total; -Xmx1G -XX:+UseConcMarkSweepGC -XX:+CMSIncrementalMode -XX:-UseAdaptiveSizePolicy -Xmn128M
IntCache: cache: 0, tcache: 0, allocated: 0, tallocated: 0
Launched Version: 1.8
LWJGL: 2.9.2
OpenGL: NVIDIA GeForce GT 650M OpenGL Engine GL version 2.1 NVIDIA-8.26.26 310.40.45f01, NVIDIA Corporation
GL Caps: Using GL 1.3 multitexturing.
Using GL 1.3 texture combiners.
Using framebuffer objects because ARB_framebuffer_object is supported and separate blending is supported.
Shaders are available because OpenGL 2.1 is supported.
VBOs are available because OpenGL 1.5 is supported.

Using VBOs: No
Is Modded: Probably not. Jar signature remains and client brand is untouched.
Type: Client (map_client.txt)
Resource Packs: [Sphax PureBDcraft 256x MC17]
Current Language: English (US)
Profiler Position: N/A (disabled)